Uruguay Looks for LNG Project Investors

Uruguay Looks for LNG Project Investors

A bidding process for construction of a $400 million regasification plant, to be located in the vicinity of the Uruguay’s capital Montevideo will kick off in October, government officials said calling on the foreign stakeholders to bring their investments to the country, reports Reuters.

Domestic companies lack the required technology in order to construct the regasification plant, which would convert liquefied natural gas (LNG) back into the gaseous state, therefore, the country is looking for foreign expertise to go ahead with the project.

According to the head of Uruguay’s state energy company Ancap, Raul Sendic, cited by Reuters, the plant was crucial for “those companies that want to establish themselves in Uruguay and invest”.

The plant, scheduled to begin operations in 2014, will focus on meeting the needs of domestic market and perhaps even target export, with a planned capacity to regasify 10 million cubic meters of LNG per day.

The winner of the bid would be granted 15-year concession.

LNG World News Staff, August 17, 2012